Mark Cutifani - BofAML 2015 Global Metals, Mining & Steel Conference

QUALITY DIVERSIFICATION AND

DISCIPLINED GROWTH BofAML 2015 GLOBAL METALS, MINING & STEEL CONFERENCE.

12-14 MAY 2015

Copper – Los Bronces plant

2

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3 3

DIVERSIFIED PORTFOLIO

…mitigating risk with quality development opportunities.

OPERATING DISCIPLINE

…building sustainable competitive performance.

QUALITY ASSET BASE

…and significant restructuring progressing.

ORGANIC POTENTIAL

…value accretive, low risk growth.

OUR VALUE PROPOSITION

We are creating a business that is emerging from significant restructuring…

…as a unique “self-help” story.

4 4

SETTING THE SCENE – ESTABLISH CONTROL

Our approach to building performance is simple…and continuous…

…establish stability…build a foundation for capability…realise potential.

Value

Time

STABILITY

CAPABILITY

Realise Potential

Operations Markets People

• Brownfield options • Debottleneck • Operating Model

• Resource potential • Priority capital options • FutureSmart™ innovation

2013 2016

Build Capability

Establish Stability

5 5

DELIVERY IN ACTION - COPPER

Performance improvement at Los Bronces has been significant…

…and will be further enhanced by the Operating Model implementation

Labour productivity in the top quartile

Los Bronces concentrator SAG availability “best in class”

Los Bronces plant utilisation “approaching benchmark”

95.4%94.8%94.8%94.4%94.3%93.0%92.0%

90.5%89.8%88.0%

Los

Bro

nce

s (C

on

flu

en

cia)

Ch

ile 3

Pe

ru 4

Ch

ile 1

b

Ch

ile 1

a

Ch

ile 2

Ch

ile 4

Co

llah

uas

i

Ch

ile 8

Ch

ile 1

1

95%94%

92%

88%

Benchmark 2014 2013 2012

Tonnes of copper / Person (including contractors)

40

32

28

18

11

16

19

23

24

26

29

34

41

43

44

51

52

Chile 13

Chile 12

Chile 7

Peru 4

Chile 10

Chile 11

Chile 9

Chile 6

Chile 8

Chile 5

Peru 3

Chile 4

Peru 2

Collahuasi

Los Bronces

Peru 1

Chile 1

Source: H1 2014 Encare Survey – Chile and Peru major miners. Survey includes Escondida, Cuajone, Antamina, Los Pelambres, Toquepala, Tintaya, Tesoro, Chuqicamata, Radomiro

Tomic, Andina, El Teniente, Cerro Colorado and Salvador.

6 6

DELIVERY IN ACTION - METALLURGICAL COAL

We now have two of the most productive longwalls in Australia…

…with further upside to come as we bring Grosvenor on-line.

Underground FOB cash costs (excl. royalty)

70

83

109

63

80

113

-44%

2014 2013 2012

A$/t US$/t

Top 15 Australian longwall productivity

2 6 10 14 18 12 4 0 8 16

Grasstree

LW 4

LW 7

LW 8

LW 3

LW 6

LW 2

LW 1

LW 12

LW 13

LW 10

LW 11

Moranbah

LW 9

LW 14

2014 ROM tonnes ‘000 per employee

Source: For NSW Mines data comes from Coal Services NSW. For Qld Mines data comes from Queensland Department of Natural Resources and Mines. Survey includes Bulga UG,

Narrabri UG, Wambo UG, Ravensworth UG, Newlands Northern, Mandalong UG, Ulan UG, Ashton UG, Springvale UG, Angus Place UG, MNM, Crinum, Oaky North and Oaky Creek No 1

7 7

DELIVERY IN ACTION - PLATINUM

Stabilising and then growing Mogalakwena with minimal capital invested…

…delivers a ~50% cash operating margin, with upside potential.

10098

8796

898883

78

87

716974

86

Q3 2014

Q2 2014

Q1 2014

Q1 2015

Q4 2014

Q2 2012

Q1 2012

Q1 2013

Q4 2012

Q3 2013

Q4 2013

Q3 2013

Q2 2013

Mogalakwena equivalent refined production (Pt koz)

50%51%

45%

38%

1,532

1,192

2014 2013 Q1 2015 2012

Mogalakwena cash operating margin (%) (1)

Note: (1) Cash operating margin reflects Mogalakwena net sales revenue less cash operating costs.

. Quarterly average Pt price $/oz

8 8

THE NEAR TERM IMPERATIVE

We are rebuilding our portfolio and our performance engine…

…with $1.7bn of $4bn target already delivered by end 2014.

Attributable EBIT $bn @ 30 June 2013 prices and FX

2016 at consensus prices/FX (1)

$4.7bn

2016

$7.3bn

Disposals and

capex reductions Value

Leakage

1.5

Asset Reviews Projects 2012

$3.3bn

1.6

Attributable

capital

employed $35bn +15 (4) $45bn $41bn

Attributable

ROCE 9% +6% +1% 16% 11%

Identified Not Delivered

$1.7bn of

attributable

EBIT Delivered

in 2014

0.9

Delivered in 2014

0.9

0.9

Notes: (1) Consensus from Bloomberg 6th May 2015

9 9

NEAR TERM IMPERATIVE - FINANCIAL POSITION

While the pricing environment is deteriorating…

…maintaining financial flexibility…liquidity headroom of ~$15bn.

2015 guidance

14.0

2014

12.9

2013

10.7

13.5

Long term net debt target $10bn to $12bn

Net debt profile ($bn)

(1)

SIB

Projects in execution

Stripping

2017 2016 2015 2014

6.0

Capex ($bn)

3.9

3.3

~5.2

Note: (1) Assumes Tarmac disposal in 2015.

10 10

Lafarge Tarmac 2015 sale on track (£885m)

• Conditional on Holcim/Lafarge merger.

Platinum

• Union and Rustenburg: progressing on dual-track process.

Copper

• Mantos Blancos/Mantoverde – sale process underway.

• El Soldado/Chagres – in consultation with key stakeholders.

South Africa domestic coal

• Reviewing options to reconfigure domestic business.

Australia coal assets

• Dawson, Foxleigh, Callide, Dartbrook for sale.

PROGRESSING ON OUR DIVESTMENT PROGRAMME

Our strategic intent is on focussing the portfolio…

…and proceeds will provide us with balance sheet flexibility.

11 11




Value

Time

STABILITY

CAPABILITY

Realise Potential




2013 2016

Build Capability

Establish Stability

12 12

DIVERSIFICATION AND VALUE

Diversification across three primary dimensions...

...but with focus on a portfolio of higher quality assets.

EBIT

(excluding Corporate and Exploration - % of total)

14%

14%

35%

27%

5%

45%

28%

EBIT


37% 39%

EBIT


Long term (1) Long term (1)

Rest of World

Brazil

Chile

Australia

South Africa

Long term (1)

Infrastructure

Other

Food

Energy

Consumables (late)

Consumables

Commodity Geography Cycle

Nickel

Niobium & Phosphate

De Beers

Platinum

Copper

Coal

Iron Ore and Mang.

Notes: (1) Long Term relates to 2017 portfolio at Long-Term consensus prices and foreign exchange.

13 13

PORTFOLIO…BUILDING ON QUALITY

More focus on Priority assets…with less labour…

…supports underlying ~40% productivity improvement.

-31%

After

40

Before

58

Employees & contractors (‘000)(1) Number of mines(1)(2)

Notes: (1) 2014 baseline used for all analysis. (2) Excludes Grosvenor, Gahcho Kue, Tarmac Lafarge JV and Manganese. (3) For Coal and Iron Ore excludes domestic production.

Does not include purchase of concentrate for disposed Platinum assets. Reflects Minas-Rio at 26.5Mtpa.

Other

Iron Ore

Niobium & Phosphates

Nickel

De Beers

Copper

Coal

Platinum

-32%

After

102

Before

151

Production (Cu eq. tonnes ‘000)(1)(3)

~4,100

-7%

Before After

3,820

14 14

After disposals

PORTFOLIO QUALITY…COMPETITIVE POSITIONS

Reflecting current project completions and portfolio restructure…

…with further upside to come from technical excellence

Before

With Quellaveco

After disposals

Q1 Q2

Aggregate Business Unit cost curve position - 2014

Q3 Q4

Cu equiv.

production

400kt

De Beers

Nickel

Platinum

Iron Ore

Met Coal

Thermal Coal

Copper

Before

After disposals

Notes: Cost curve positions reflect the aggregate of 2014 individual mine site cost curves positions weighted by 2014 production. Mogalakwena reflects Q1 2015 performance.

Copper after includes Quellaveco. Thermal Coal is on an energy adjusted basis. Met Coal is on value in use adjusted basis. Source: Wood MacKenzie, CRU and internal analysis.

Moranbah Grasstree

Mogalakwena

Jwaneng

Cerrejon

Quellaveco

With Minas-Rio After

disposals

After Barro Alto re-build

With Quellaveco

After disposals

Before

Before

Before

Before

Before

15 15




Value

Time

STABILITY

CAPABILITY

Realise Potential




2013 2016

Build Capability

Establish Stability

16 16

PORTFOLIO OF ASSETS

Focus on the “best of the best” opportunities…

…which demand capable leadership and business disciplines.

Los Bronces

Phosphates

Jwaneng

Minas-Rio

Moranbah North

Quellaveco Collahuasi

Mogalakwena

Venetia

Orapa Orapa

Sishen/Kolomela Grosvenor

17 17

REALISING POTENTIAL - RESOURCE OPTIONALITY

Scalable resources in our commodities of choice…

…provide a compelling future brownfield opportunity pipeline.

Minas-Rio

Sishen

Kolomela

Debswana

Twickenham

Mogalakwena

Amandelbult

Moranbah

Grosvenor

Los Bronces

Collahuasi

Quellaveco

Phosphates

Niobium

53

• Mogalakwena optimisation

• Underground mechanisation

• Northern Cape brownfield options

• Minas-Rio de-bottlenecking

• South African export life extensions

• Moranbah/Grosvenor hub expansion

• Barro Alto brownfield potential

• Niobium de-bottlenecking

• Long-term phosphates growth

• Quellaveco

• Collahuasi further expansion

• Los Bronces District

Pla

tin

um

Iro

n O

re

Co

al

Co

pp

er

NN

P

De

Be

ers

• Gahcho Kué

• Life extension options at

Debswana and Venetia

Gahcho

Kué

Venetia

18 18

DIVERSIFIED PORTFOLIO

…remains a core pillar of the strategy.

OPERATING DISCIPLINE

…operational turnaround delivering…accelerate from here.

QUALITY ASSET BASE

…further enhanced with disposal/improvement programmes.

ORGANIC POTENTIAL

…realising potential primarily through brownfield growth.

OUR VALUE PROPOSITION

…as a unique “self-help” story.

APPENDIX

20

PRODUCTION OUTLOOK(1)

2013 2014 2015 2016 2017

Copper (2) 775Kt 748kt 720-750kt 720-750kt 710-740kt

Nickel(3) 34kt 37kt 20-25kt 40-45kt 42-45kt

Iron ore (Kumba)(4) 42Mt 48Mt 47-48Mt 49-51Mt 49-51Mt

Iron ore (Minas-Rio)(5) - 0.7Mt 11-14Mt 24-26.5Mt 26.5Mt

Metallurgical coal 19Mt 21Mt 20-21Mt 21-22Mt 24-25Mt

Thermal coal(6) 28Mt 29Mt 28-30Mt 28-30Mt 28-30Mt

Platinum(7) 2.3Moz 1.8Moz 2.3-2.4Moz 2.4-2.5Moz(8) 2.5-2.6Moz(8)

Diamonds 31.2Mct 32.6Mct 30-32Mct Previously 32-34Mct

- -

(1) All numbers are stated before impact of potential disposals (2) Copper business unit only (3) Nickel business unit excluding Loma de Níquel in 2012 (4) Excluding Thabazimbi (5) Minas-Rio 2016 guidance is dependent on the 18 to 20 month ramp-up schedule (6) Export South Africa and Colombia (7) Equivalent refined production (8) Reflects additional production from JVs and third parties